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February 23, 2005
A First in Chinese Banking
Here’s a first in Chinese banking: a foreigner has been hired as a senior manager for a major Chinese bank, reports the People’s Daily. Lonnie Dounn from the Hong Kong and Shanghai Banking Corporation (HSBC) has been hired as the chief credit officer for the Bank of China. Dounn has been overseeing HSBC’s risk control apparatus in the Asia Pacific region since 1998.
This hiring comes on the heels of a meeting the China Banking Regulatory Commission held with management of the country’s “Big Four” banks, during which the banks were warned of tough punishment for fraud and poor lending practices.
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